DUBLIN--(BUSINESS WIRE)--The "Procurement As A Service Market Size, Share & Trends Analysis Report by Vertical (BFSI, Retail), by Component (Strategic Sourcing, Transaction Management), by Organization (Large, SMEs), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global procurement as a service market size is expected to reach USD 13.58 billion by 2030, registering a CAGR of 10.4%
The proliferation of digital technology and the need to address supply chain risks have contributed to market growth. Although the COVID-19 pandemic posed a minor hiccup to the otherwise positive market outlook, the industry may reach pre-COVID-19 levels by 2022. Over 60% of the organization's spending is captured by sourcing and procurement-related functions.
Therefore, the demand for providers that help reduce this cost will drive market growth over the forecast period. Digital transformation has shifted towards a cloud environment, where procurement service providers update their solutions to web-based applications. Cloud offers flexibility and ease, subsequently helping service providers lower storage data costs.
This further helps in improving business operations and making custom solutions available to the end markets. In addition, AI is also making its way into the procurement service business with a Unique Selling Point (USP) of offering data analytics while enhancing operations.
These features and benefits clubbed together create lucrative opportunities for industry incumbents to increase their customer base and bode well for market growth. Owing to the need to manage complex procurement contracts, the demand for procurement services is gaining traction among small- and medium-sized businesses.
Deals involving contracts require expertise and time to deliver, and hence procurement as a service is a popular choice among SMEs. These services help companies focus on core competencies while outsourcing time-consuming and intricate tasks.
Procurement As A Service Market Report Highlights
- The contract management segment is projected to register the fastest CAGR over the forecast period due to the growing need of enterprises to optimize vendor management & service-level agreements, to simplify the procurement process.
- The small- & medium-scale enterprises segment is expected to register the fastest CAGR from 2022 to 2030.
- This growth can be attributed to the growing number of start-ups and small businesses aiming to manage specific supply chain operations by deploying procurement as a service model.
- The IT & telecom segment is anticipated to grow significantly growth over the forecast period. The growing dependency of organizations on outsourcing business processes and the rising inclusion of technology to manage business operations are projected to drive the segment.
- Asia Pacific is anticipated to be the dominant regional market over the forecast period due to the rising instances of digital transformation and a growing number of small-scale businesses interested in implementing advanced procurement services.
Market Dynamics
Market driver analysis
- Growing demand among enterprises to streamline the procurement processes
- Growing need to handle compliance polices and contracts
Market challenge analysis
- Integration issues with the legacy systems
Penetration and Growth Prospect Mapping
Industry Analysis Tool
- Porter's five forces analysis
- Procurement as a service market-PEST analysis
Impact of COVID-19 on Procurement as a Service market
Company Profiles
- Accenture plc
- Aegis Company
- Genpact
- Gep
- Hcl Technologies Ltd
- Infosys Limited
- International Business Machines Corporation
- Tata Consultancy Services Limited
- Wipro Limited
- Wns (Holdings) Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/3c6me1
